We don’t have a summary available yet.
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Apr 4, 1985.
Makes it a Federal criminal offense for any person to possess a readily convertible firearm (a machine gun). Provides for a fine of not more than $250,000 or imprisonment for not more than ten years or both. Establishes an exception regarding the use of such firearm by the United States or by a State or local agency. Allows for a 90-day transition period before the prohibition takes effect. Authorizes the Secretary of the Treasury to purchase during the applicable transition period any such firearm at a price not greater than fair market value. Requires the Secretary to notify persons possessing such firearms of the provisions of this Act.